Meta disclosed $279 billion in future lease commitments for AI data centers, with none appearing on the company’s balance sheet. This figure represents a 53% increase from the prior quarter, rising from $182.9 billion in Q1 2026 to $279 billion in Q2 2026. The top five US hyperscalers collectively hold $969 billion in future data center lease commitments, of which $662 billion remain entirely off-balance-sheet. Meta also carries an unrecorded residual value guarantee of $28 billion on leases scheduled to start in 2029. These practices, using special-purpose vehicles and joint venture structures, could face heightened scrutiny if GAAP accounting rules change to require earlier recognition of such commitments.
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